Gambling winnings are reported on the tax return for the same year as the winnings. If you had gambling winnings in 2018 those winnings are only reported on the 2018 tax return.
Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling Losses are reported on Form 1040 Schedule A as a Miscellaneous itemized deduction. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
To enter, edit or delete Gambling Winnings and Losses -
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Less Common Income
- On Gambling Winnings, click the start or update button
Or enter gambling winnings on w-2g in the Search box in the upper right of the program screen. Click on Jump to gambling winnings on w-2g
